24 April 2009
Posco Vietnam Transfers 30% Stake to Nippon Steel

A source said that 30% stake of Posco Vietnam Ltd Co in Ba Ria Vung Tau steel project was transferred to Japanese Nippon Steel.

Procedures relating to the transference have been finalised and registered to the authorities.

Work on Ba Ria Vung Tau cold rolled steel project started from August 2007 with total first phase cost of US$366 million.

As announced, Posco Vietnam will invest in a hot rolled steel mill capable of turning out three million tonnes/year in 2010.

(Source: SEAISI Website)

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